CHAIRS OF THE CHAMBER OF CERTIFIED PUBLIC ACCOUNTANTS’ OPINIONS IN TR90 REGİON ON LMEs

Abstract

As a result of the decision taken by The Public Oversight Accounting and Auditing Standards Authority (POA) in 2014, corporations
within the scope of Public Interest Entities (PIEs) and companies that choose to implement Turkish Accounting / Financial Reporting
Standards (TAS/IFRS) or their interpretations are obliged to implement the regulations in these Standards. Other companies prepare
their financial statements in accordance with the General Communiqué on Accounting System Application published in 1992 and the
"Supplementary Note on the Preparation of Financial Statements of Companies Not Implementing TAS" published in 2014.
Preparing financial statements primaryly for taxes is a major obstacle to the preparation of financial statements in a fair and
comparable manner. Therefore, POA has published “the Financial Reporting Standard for Large and Medium-Sized Enterprises
(LMEs FRS)” on 29 July 2017 for the enterprises that are subject to independent audit and do not implement TAS. The objective of
this study is to take opinions of the Chairs of the Chamber of Certified Public Accountants operating in the TR 90 region of Turkey
on the applicability of the LMEs FRS, which will be effective as of 01.01.2018. A semi-structured interview technique was used in
the research. As a result of the study, because the accounting professions who will apply the LMEs FRS do not yet have enough
knowledge about the issue and have the accounting culture for tax rather than information in generally, and the enterprises do not
have technical infrastructure and hardware, it is seen that Turkey is not yet ready for LMEs FRS.